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Morgan Stanley 4.875% Non-Cumulative Preferred Stock, Series L

Only redeemable on a dividend payment date.

Ticker: MS-L

Parent Ticker: MS

OTC Grey Market Temporary Ticker: MSLQL

Issuance Date: 11/18/2019

1st Call Date: 01/15/2025

Maturity Date: None

Shares Issued: 20,000,000

Overallotment Shares: 0

Coupon: 4.875%

Face Value: $25.00

Cumulative: No

Qualified: Yes

Quarterly Dividend Amount: 0.305

Payment Months: JAN, APR, JUL, OCT

Payment Day: 15

S&P Rating: BBB-

III Rating (In Regards to Dividend Safety Only): C

Moody Rating: Baa3

Fitch Rating: BB+

Egan-Jones Rating: NR